Posted by amita gar

This week in Indian Startup News, India touches 100 Unicorns Mark, Swiggy begins trials for delivery by Drones, Vedantu Lays Off 200 Employees, MamaEarth eyes IPO by 2023, Delhivery IPO nears. In funding news, Zepto raises $200 Million, Pharmeasy in talks to raise $250 Million and more. 00:00 Introduction 00:14 India crosses 100 Unicorn Mark 02:46 Swiggy begins trials for Drone Deliveries 04:23 Vedantu Lays Off 200 Employees 05:11 MamaEarth eyes IPO by 2023 05:59 More Details on Delhivery IPO 07:33 Zepto raises $200 Million 08:16 Pharmeasy in talks to raise $250 Million 08:49 This week's Funding Analysis India touches 100 Unicorns Mark: India has touched an exciting milestone of 100 Unicorns in the country. This journey started with Inmobi becoming India's first unicorn back in 2011. Since then this journey remained slow and steady and picked up pace after pandemic hit in 2020. In last two and half years, India has seen 70 unicorns and now people are predicting that we can hit 250 Unicorns by 2025. Swiggy begins trials for Drone Deliveries: Online grocery delivery startup Swiggy has begun trials for Drone delivery in Delhi NCR and Bengaluru. Swiggy who last year tested Drone deliveries for the first time for food and medicines, is now planning to do the same for grocery delivery. Company has selected Garuda Aerospace and Skyeair Mobility to do these pilots. Vedantu Lays Off 200 Employees: Edtech Unicorn Vedantu has laid off 200 of its employees, 120 of which were on contract and 80 full-time employees. Company has clarified that these lay-offs are on performance basis but employees who have been fired, are claiming that this is done to cut costs. This comes after companies like Unacademy, Lido Learning, Furlenco have also laid off employees in big numbers and in total Indian startups have laid-off 1900 in 2022 alone. MamaEarth eyes IPO by 2023: D2C skincare and beauty brand MamaEarth, which earlier became first unicorn of 2022, is now planning to go public by mid-2023. So, Mamaearth had a great run during the pandemic and their revenue has increased more than 10x in last two years. Company now wants to expand its presence in other countries. Delhivery IPO nears: Logistic startup Delhivery's IPO is just around the corner as company has announced it will open for subscription on May 11 and will close on May 13, and the company's shares are likely to list on stock exchange on 24th May. So the company had earlier decided on the total issue size of Rs 7,460 crore, which it now has cut down significantly to Rs 5,235 crore. Zepto raises $200 Million: Quick commerce startup Zepto has raised $200 Million in Series D round led by Y Combinator Community Fund. This has valued the company at $900 Million. They will be using these funds to expand into 12-20 cities and hire 1,000 people over the next one year. Pharmeasy in talks to raise $250 Million: Online Pharmacy Startup Pharmeasy is in talks to raise around $250 million in a debt round, from private equity investors. So the company is soon to go public, but has delayed it till markets become more conducive to launch an IPO, and this debt round is a bridge financing round to help the company fund its business until its IPO. Subscribe to our Newsletter by clicking on the link - https://www.getrevue.co/profile/bwmillionaires Follow Backstage with Millionaires to remain updated with our latest developments. LinkedIn: https://www.linkedin.com/company/backstagewithmillionaires/ Twitter: https://twitter.com/bwmillionaires/ Instagram: https://www.instagram.com/backstagewithmillionaires/ Discord: https://discord.gg/XySGGhXKep #startup #news #backstagewithmillionaires